ATO flags 5 most common tax time mistakes
As tax time 2018 kicks off this weekend, the ATO has profiled what it says are the 5 most common mistakes and the personalities most likely to have to tax time troubles.
The top 5 mistakes include taxpayers who:
Leave out some of their income – maybe forgetting a temp job or money earned from the sharing economy;
Claim deductions for personal expenses – home to work travel, normal clothes or personal phone calls;
Forget to keep receipts or records of their expenses;
Claim for something they never paid for – often because they think everyone is entitled to a “standard deduction”;
Claim personal expenses for rental properties – either claiming deductions for times when they are using their property themselves or are claiming interest on loans used to buy personal assets like a car or boat.
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